Research finds over £2 billion stolen via credit card fraud in last year

Research carried out by comparison website comparethemarket.com has revealed that more than £2 billion has been stolen from individuals’ debit and credit card accounts in the last year.

The research found that 4.7 million people across the UK have been victims of fraud in the last year. According to comparethemarket.com, almost five million individuals have had their debit card, credit card or bank account replaced or cancelled as a direct result of attempted fraud.

The study found that the most common form of fraud was committed through online payments, with 28% of individuals experiencing a card or account hack.

Meanwhile, the average amount stolen via cyber-fraud has increased, according to the research: £833.54 is taken with each instance of this type of fraud.

‘In the last two years, we have seen the average amount stolen from accounts soar from £475 in 2016 to £833 in 2018,’ said Shakila Hashmi, Head of Money at comparethemarket.com.

‘This is an extremely worrying trend and suggests a significant rise in aggressive bank and credit card fraud.

‘Whilst we do all have a responsibility to try and keep our banking and credit card details secure, providers have a duty of care to ensure that their customers are as protected as possible.’